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able to sureties as a defense in the jurisdiction of the suit <br />shall be applicable. <br />10 Notice to the Surety, the Owner or the Contractor shall <br />be mailed or delivered to the address shown on the <br />signature page. <br />11 When this Bond has been furnished to comply with a <br />statutory or other legal requirement in the location where <br />the construction was to be performed, any provision in <br />this Bond conflicting with said statutory or legal <br />requirement shall be deemed deleted herefrom and <br />provisions conforming to such statutory or other legal <br />requirement shall be deemed incorporated herein. The <br />intent is that this Bond shall be construed as a statutory <br />bond and not as a common law bond. <br />12 DEFINITIONS <br />12.1 Balance of the Contract Price: The total amount <br />payable by the Owner to the Contractor under the <br />Construction Contract after all proper adjustments <br />MODIFICATIONS TO THIS BOND ARE AS FOLLOWS: <br />have been made including allowance to the <br />Contractor of any amounts received or to be <br />received by the Owner in settlement of insurance or <br />other claims for damages to which the Contractor is <br />entitled, reduced by all valid and proper payments <br />made to or on be- half of the Contractor under the <br />Construction Contract. <br />12.2 Construction Contract: The agreement between <br />the Owner and the Contractor identified on the sig— <br />nature page, including all Contract Documents and <br />changes thereto. <br />12.3 Contractor Default: Failure of the Contractor, <br />which has neither been remedied nor waived, to <br />perform or otherwise to comply with the terms of the <br />Construction Contract. <br />12.4 Owner Default: Failure of the Owner, which has <br />neither been remedied nor waived, to pay the Con- <br />tractor as required by the Construction Contract or to <br />perform and complete or comply with the other terms <br />thereof. <br />(Space is provided below for additional signatures of added parties, other than those appearing on the cover page.) <br />CONTRACTOR AS PRINCIPAL <br />Company: <br />(Corporate Seal) <br />Signature: <br />Name and Title: <br />Address: <br />SURETY <br />Company: <br />Signature: _ <br />Name and Title: <br />Address: <br />(Corporate Seal) <br />AIA DOCUMENT A312 a PERFORMANCE BOND AND PAYMENT BOND • DECEMBER 1984 ED. s AIA ® A312-1984 3 <br />THE AMERICAN INSTITUTE OF ARCHITECTS, 1736 NEW YORK AVE., N.W. WASHINGTON, D.C. 20006 <br />